adx energy shares on the rise

ADX Energy shares on the rise
Thursday, January 31, 2013 by Angela Kean


ADX Energy’s (ASX: ADX) shares have risen 95% over the past week on increased investor interest, prompting the ASX to issue a price and volume query.

Shares hit an intra-day high of A$0.039 today, up from a close of $0.02 on Thursday 24 January 2013.

Around 26.2 million shares changed hands today alone as of 1.30pm (AEDT), compared to the 7 million combined traded in the prior three days.

ADX told the ASX it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Earlier this month the company reached a definitive agreement to farm out a further 15% participating interest in its Chorbane exploration permit, onshore Tunisia, to Rift Basin International.

This transaction is in line with ADX’s strategy of focusing its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.

ADX will retain a 15% participating interest in Chorbane, which is surrounded by several producing oil fields and extensive oil and gas infrastructure.

Operator Gulfsands plans to start a seismic acquisition program costing about US$2 million this year.

Following processing and evaluation of the seismic data captured in the upcoming work program, Gulfsands expects to drill at least one well on the Chorbane permit during calendar year 2014.